Dubai's Global Capital Advisers Management signs MoU with Serbia.
At a ceremony in Serbia's capital city, Belgrade, on 7th August 2013, Arun Panchariya, CEO of Global Capital Advisers Management (GCAM), exchanged a Memorandum of Cooperation with VelimerIlic, Serbian Minister of Construction and Town Planning. Prime Minister, IvicaDacic, was present at the event.
The Memorandum commits the two parties to the creation of a joint venture, Global Infrastructure Development Company (GIDC), with $15million of seed funding. GIDC will use the funds to identify potential infrastructure projects in Serbia and elsewhere in the Balkans and will then develop feasibility studies for potential investors.
Projects already in the early stages of identification include Ladjevci Cargo Centre at Morava Airport in Serbia, the development of a new seaport in Montenegro, major road and rail infrastructure in the region as well as tourism and agribusiness projects.
Speaking after the signing ceremony, Minister VelimirIlic, Serbian Minister of Construction and Town Planning, said, "Serbia is immensely well positioned in a strategically important part of Central Europe. We need to urgently upgrade our critical trading infrastructure to enable us to take advantage of the growing opportunities for trade, travel and tourism in and around our country. I am very pleased to be committing our Government to a partnership with Panchariya and his colleagues at GCAM. They have a superb track record in the field of public-private-partnerships (PPP) for infrastructure project finance and we look forward to collaborating with them at this exciting time in Serbia's economic development."
Arun Panchariya, PrincipleofGlobalFinance &CapitalLimited, added, "My focus is on working with professional partners who will appreciate and benefit from our expertise in PPP for infrastructure. I am very pleased to be creating this partnership with the Government of Serbia and all of us at GFCL look forward to a long and extremely fruitful relationship. There is much that needs to be done in Serbia but it has huge potential and I believe we can help propel Serbia to its rightful place as a trading hub for Central Europe."
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